Workers on a construction site in Times Square, New York. A jump in new construction jobs contributed to the 313,000 jobs that were created in the US in February
Photograph: Jewel Samad/AFP/Getty Images

Ole Black, a senior statistician at the ONS, sums up this morning’s UK data:

Manufacturing has recorded its ninth consecutive month of growth but with a slower start to 2018. Total production output continues to advance, bolstered in January by the Forties oil pipeline coming back on stream after December’s shutdown.

Construction continues to be a weak spot in the UK economy with a big drop in commercial developments, along with a slowdown in house building after its very strong end to last year.

The total trade deficit widened again as rising oil prices made for dearer fuel imports.”

Ryanair to include Brexit warning on tickets

Ryanair has warned this morning that some airlines are being complacent about Brexit and the potential implications for the industry.

Kenny Jacobs, Ryanair’s chief marketing officer told BBC Radio 5 Live’s Wake up to Money that while the airline is hopeful some sort of deal will be struck for the industry between the UK and EU, it is making contingency plans.

From September 2018, the airline will include the following warning on its tickets:

This flight is subject to the regulatory environment allowing the flight to take place.

BBC Business (@BBCBusiness)

Ryanair claims some airlines are being complacent about Brexit. Chief Marketing Officer Kenny Jacobs told #wakeuptmoney: "Everyone is saying it'll be alright on the night once we get closer to April 2019 . I don't think you can take that for granted." pic.twitter.com/oIMcoYYVxd

Trump tariffs: president signs order on metal imports – as it happened

Connor Campbell, analyst at Spread Ex, says traders are also weighing up the news that has come from the White House in the past 24 hours:

Despite a 24 hour period stuffed with international developments, the markets avoiding any drastic movements this Friday.

Perhaps it’s because investors are caught between Donald Trump signing an order dictating tariffs on metal imports – but one with room for country-by-country exceptions – and the news that the President is set to meet Kim Jong-un for an unprecedented summit.

It appears that the former is shaping trading more than the latter, though the relatively measured nature of the early losses suggests that the North Korea news may have helped matters. Of course, adding to the apparent reticence is the looming US non-farm jobs report, with investors set to dig through the wage growth data especially to assess it for any hawkish qualities.

Markets cautious ahead of non-farm payrolls

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

After shrugging off Donald Trump’s decision to press ahead with plans to impose tariffs on steel and aluminium imports, European investors are in a more cautious mood this morning.

All eyes will be on this afternoon’s US non-farm payrolls report, as investors look for clues about the likely path for interest rate rises. Economists are expecting the US Labor Department to say 200,000 jobs were added in February, the same as January.

Michael Hewson from CMC Markets gives his view ahead of the figures:

Ultimately it’s not the headline jobs number that is likely to be the primary market mover here, it’s the average hourly earnings data and markets will be looking to see if the jump to 2.9% in January is sustained in the February numbers, with 2.8% expected.

This would probably be sufficient to keep the four rate rise expectation for 2018 on the table after the jump from 2.5% in December.

News overnight that President Trump has agreed to meet North Korea’s Kim Jong-un boosted Asian markets.

The Hang Seng rose 1%, while Japan’s Nikkei 225 was up 0.5% after initially rising by 2.5%.

Although investors will be sceptical about the outcome of any talks, it is a positive development after the two leaders traded insults and threats of war just months ago.